How much can I borrow? Understanding Mortgage Calculators in Ireland

2023-04-28

General

As a First Time Buyer (whether you are an Irish or Foreign National) looking to step onto the property ladder, a homeowner eager to upgrade your home, a mortgage holder seeking to switch to a better deal or move to a new county, or a landlord looking to expand your property portfolio, the first question you need to ask is “How much can I borrow?”. This crucial question can be answered using a mortgage calculator.

What is a Mortgage Calculator?

A mortgage calculator allows you to estimate your monthly mortgage repayments based on various factors, including your income, the price of your home and the amount you wish to borrow. Our Which Mortgage calculators take these factors into account and provide you with results for the offers available in the Irish market from all mortgage lenders. You can analyse the various options over different time periods, including the best value offers from 5 years to 35 years.

How do our Mortgage Calculators work?

Our mortgage calculators use a simple formula to estimate your monthly mortgage repayments and provide you with an overview of the offers available to you from the leading lenders in the market. Once you input the required information, such as your age, income, purchase price of your home, and required deposit, our calculator will generate an estimated monthly repayment amount. Furthermore, it allows you to adjust the mortgage term and obtain alternative information based on your preferred term.

Why should I use a Mortgage Calculator?

There are many benefits to using a mortgage calculator. It helps you estimate your monthly mortgage payments, enabling you to determine whether you can afford the home you wish to purchase. It also enables you to compare different offers and interest rates, allowing you to make an informed decision.

Tips for using a Mortgage Calculator

Although our mortgage calculators are user-friendly and the results are easy to understand, it is important that you keep the following in mind when using them:

Make sure that you input accurate information so that you can get the most accurate result. Inaccuracies can provide less reliable results which may make your mortgage planning less effective.
Your mortgage repayments will depend on various factors, such as the amount you borrow, the duration of your mortgage term, the mortgage interest rate, and other mortgage fees or charges associated with your mortgage. Therefore, when analysing the results from a mortgage calculator, remember that they are only estimates and you must consider other costs when determining your monthly budget.

Using a mortgage calculator is an essential step in preparing for your mortgage journey. It helps you estimate your monthly repayments, compare different offers, and make informed decisions about your borrowing capacity. Remember to input accurate information, consider other costs and book an appointment with one of our mortgage specialists for a comprehensive understanding of the optimum mortgage sum available to you to purchase your home. Start planning for your mortgage journey with our user-friendly mortgage calculators today.